Gold's rally could continue to $2,000, a new high watermark for the metal

Key Points
  • Gold is flirting with $1,800 a troy ounce and strategists expect it to break through that level on the way to $2,000.
  • The pandemic has driven investors into the metal as a safe haven, but it also benefits from an easy Fed and its role as a hedge.
A gold worker holds a 1 KG gold bullion at Istanbul Gold Refinery (IGR) in Istanbul.
Ozan Kose | AFP | Getty Images

Gold prices are up more than 16% for the year so far and could hit $2,000 an ounce, as investors large and small are finding it to be an attractive hedge against all sorts of uncertainty.

This week, gold made another run towards $1,800 and failed, but strategists expect it to rise above the big round number as investors look to gold as a safe haven. After that, it could keep moving higher, hitting the $2,000 level later this year, or next year, strategists said.